Oil prices ease back after surge

Oil prices retreated Monday as traders took profits following a pre-weekend surge on positive jobs data from the United States, the world's biggest consumer of crude.

Brent North Sea crude for delivery in September dropped 36 cents to $108.58 a barrel in London afternoon deals.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, fell 30 cents to $91.10.

"Mild profit-taking is being seen, with Brent and WTI easing back from Friday's highs," said Sucden Financial Research analyst Jack Pollard.

A rally on Friday saw WTI prices surge more than four dollars to pass $91 a barrel, while Brent rose more than three dollars to within striking distance of $109.

Crude prices were weaker "after rallying on a stronger-than-expected US jobs report, while the market awaited Chinese trade data due later this week for trading cues," Phillip Futures said in a report.

On traders' watchlist for this week is the release of a slew of economic data from China which will provide an update on the economic health of the world's largest energy consumer.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9332+0.0005+0.06%
    AUDUSD=X
    0.5556+0.0003+0.05%
    AUDGBP=X
    0.6754+0.0002+0.03%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg